Corporate And Regulatory

Companies (Appointment of Trustees) Rule, 1973

Status: In force


Notification No. S.R.O. 643(1)/73. In exercise of the powers conferred by section 13 of the Companies (Appointment of Trustees) Act, 1972 (XV of 1972), the Federal Government is pleased to make the following rules, namely:-

1.            These rules may be called the Companies (Appointment of Trustees) Rule, 1973.

2.            After the appointment of a trustee in respect oft company under section 4 of the Companies (Appointment of Trustees) Act, 1972 (XV of 1972), the liabilities relating to the assets of that company vested in the trustee shall be determined:

(a)          in the case of a joint stock company, by the Registrar or the Assistant Registrar of Joint Stock Companies, in whose jurisdiction the liabilities of the company arose or are to be discharged;

(b)          in the case of an insurance company, by the Controller of Insurance; and

(c)           in the case of a banking company, by the State Bank of Pakistan.

3.            In determining the liabilities of a company under rule 2, the authority referred to therein shall take into account;

(a)          rent and tax of any premises,

(b)          any vehicle used for the purpose of the business of the company;

(c)           any liability in respect of which it is proved beyond reasonable doubt that it relates to goods supplied or services rendered for the purpose of the business of the company; and

(d)          any agreement or instrument calculated to enhance the liability of the company, if it is proved beyond reasonable doubt that the liability was incurred for the purpose of improving or promoting the business of the company or for increasing the value of an asset pertaining to the business of the company.

 

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